INNOVATIONS IN THE ERA OF DIGITALIZATION

Abstract

The article analyzes the essence of digitization and "digital" terminology. It was found that the situation when different words appear to denote the same phenomenon is frequent. The difference between the most frequently used terms "digitization" and "digitalization" is given. It is explained that digitalization in translation means digitalization, which penetrates into all spheres of life and changes consumer behavior, forming new models of interaction, causing the emergence and development of the sharing economy, etc. The essence of the concept of "innovation" has been studied. Based on the analysis of various definitions, it was noted that there are two approaches to defining this category – innovation as a product and innovation as a process. The classification features of innovations are summarized, it is noted that the classification is not limited to these features, which is due to the significant diversity of innovative products and their impact on industries, society, and the social system. The differences in the concepts of "innovation", "invention" and "discovery" are considered, which allows clearly delineating the boundaries of an innovative product and forming measures for its implementation. Based on the fact that each product on the market has its own period of existence, the life cycle of innovations is outlined. The result of the analysis of innovative activity was the development of a model for promoting innovation to the market. The model is based on the fact that the key stages for innovation are introduction and growth, and the duration of each stage depends on the type of innovation, its complexity, relevance, the level of consumer readiness to accept the novelty, marketing efforts, etc. The difficulty of developing a strategy for the promotion of an innovative product is due to the lack of information about it, experience of use, and ignorance of the benefits of use. So promotion primarily pursues such goals as informing, engaging, supporting the user aimed at building trust in the innovation and the company that provides it.